Brexit result spurs Dáil recall

Ireland’s TDs are to be recalled on Monday to discuss the impact of Brexit on the country

Taoiseach Enda Kenny said his minority government will also publish a detailed summary of how it will respond to Britain’s departure from the EU.

Earlier this week the country’s Finance Minister Michael Noonan said the Department of Finance and the Central Bank did have contingencies and could withstand any Brexit shocks.

These shocks have this far included a plunge in the value of sterling and falling share prices for construction firms, especially house builders, and banks.

In Northern Ireland Sinn Fein has said that the fact that the vast majority of voters felt its future is in the EU

The Bank of England is preparing for a UK recession.

Mr Kenny and the Irish government greeted the UK referendum result with a statement that it had very clear implications for Ireland and the EU.

Prime Minister David Cameron is staying on in a caretaker role until his successor is chosen in time for the party’s annual conference in October.

He said it would be for his successor to activate the Lisbon Treaty’s Article 50 to begin the UK’s formal disengagement from the EU which is set to take two years.

That means a summer of uncertainty as major manufacturers in the UK and financial firms in the City ponder whether to stay on.

As many as a hundred thousand jobs could be lost in London’s banking and financial services, according to expert economic predictions, with big drops in value for residential and commercial properties anticipated.

In Ireland Fianna Fáil, which keeps Enda Kenny’s minority government in power, said the “focus now must be to minimise the damage caused by this result”.

It said Ireland has “a distinct and urgent national interest which should be recognised by our European partners”.

It said the Leave campaign “was a mean-spirited campaign in which fear of non-British people was promoted to a disturbing degree”.